Is Houston headed for a real estate bubble?

Houston is one of 19 U.S. metros where home prices are overvalued, according to a new report from real estate website Trulia.com.

At just 2 percent, however, this area is on the low end of the spectrum. By comparison, prices in Orange County, Calif., and Honolulu are overvalued by 16 percent and 13 percent, respectively.

The data show Houston-area home prices rising 11.5 percent over the past year, helping push this market into overvalued territory. Trulia also looks at historical prices, incomes and rents when making its determinations.

“The more prices are overvalued relative to fundamentals, the closer we are to a housing bubble – and the bigger the risk of a future price crash,” according to the report.

Trulia economist and author of the report Jed Kolko is more concerned about specific markets than the country on the whole.

Although national home prices have risen considerably over the past couple years, they’re still 5 percent undervalued relative to long-term fundamentals, he said. At the market’s peak, home prices were 39 percent overvalued. At the bottom, prices were 15 percent undervalued.

Still, more markets are overvalued than any time since 2009. In Texas, three of the four largest metros are overvalued, with Austin being the highest at 11 percent.